TIDMTPOA TIDMTTM TIDMTPOB TIDMTPON
RNS Number : 2484E
Triple Point VCT 2011 PLC
27 October 2022
27 October 2022
Triple Point VCT 2011 plc
(the "Company")
RESULTS FOR THE SIX MONTHSED 31 AUGUST 2022
The Directors of Triple Point VCT 2011 plc are pleased to
announce the unaudited results for the six months ended 31 August
2022.
You may view the Interim Report in due course on the Triple
Point website: www.triplepoint.co.uk . Please note that page
numbers in this announcement are in reference to the Interim
Report.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Ian McLennan
Belinda Thomas
The Company's LEI is 213800AOOAQA5XQDEA89
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/
NOTES:
The Company is a Venture Capital Trust incorporated in July 2010
and was established to fund small and medium sized enterprises. The
Investment Manager is Triple Point Investment Management LLP.
Financial Summary
Six months ended 31 August
2022
Venture
Unaudited Shares A Shares B Shares Total
Net assets GBP'000 42,708 1,293 5,407 49,408
Net asset value per share Pence 107.99p 13.22p 80.00p
---------- ---------- ---------- ---------
Profit/(loss) before tax GBP'000 (2,147) 2 2,109 (36)
Earnings/(loss) per share Pence (5.94p) 0.02p 32.31p
---------- ---------- ---------- ---------
Cumulative return to shareholders
(p)
Net asset value per share 107.99p 13.22p 80.00p
Total dividends paid 6 .00p 106.50p 20.00p
Net asset value plus dividends
paid 113 .99p 119.72p 100.00p
---------------------------------------------- ---------- ---------- ---------- ---------
Year ended 28 February 2022
Venture
Shares A Shares B Shares Total
Net assets GBP'000 30,031 1,291 3,903 35,225
Net asset value per share (NAV) Pence 113.55p 13.25p 57.69p
---------- ---------- ---------- ---------
Profit/(Loss) before tax GBP'000 5,240 (269) 147 4,976
Earnings/(Loss) per share Pence 22.57p (2.71p) 0.31p
---------- ---------- ---------- ---------
Cumulative return to Shareholders
(p)
Net asset value per share 113.55p 13.25p 57.69p
Total dividends paid 6.00p 106.50p 10.00p
Net asset value plus dividends
paid (Total Return)(1) 119.55p 119.75p 67.69p
---------------------------------------------- ---------- ---------- ---------- ---------
Six months ended 31 August
2021
Venture
Unaudited Shares A Shares B Shares Total
Net assets GBP'000 25,609 4,838 3,847 34,294
Net asset value per share Pence 110.91p 49.49p 56.91p
---------- ---------- ---------- ---------
Profit/(loss) before tax GBP'000 4,239 62 (38) 4,263
Earnings/(loss) per share Pence 21.29p 0.50p (0.47p)
---------- ---------- ---------- ---------
Cumulative return to shareholders
(p)
Net asset value per share 110.91p 49.49p 56.91p
Total dividends paid 6.00p 73.50p 10.00p
Net asset value plus dividends
paid 116.91p 122.99p 66.91p
---------------------------------------------- ---------- ---------- ---------- ---------
(1) Total Return is defined as an Alternative Performance
Measure.
Triple Point VCT 2011 plc ("the Company") is a Venture Capital
Trust ("VCT"). The Investment Manager is Triple Point Investment
Management LLP ("TPIM" and "Triple Point"). The Company was
incorporated in July 2010.
-- Venture Shares ("Venture Fund"): On 29 July 2022 the fourth
Venture Fund offer closed having raised gross proceeds of GBP18.55
million with a total of 16,477,301 Venture Shares being issued.
This takes gross proceeds raised to date to GBP41.5 million and
39,565,169 Venture Shares have now been issued.
-- A Ordinary Shares ("A Shares"): On 30 April 2015 the A Share
Class offer closed having raised GBP10.3 million with a total of
9,951,133 A Shares being issued.
-- B Ordinary Shares ("B Shares"): On 29 April 2016 the B Share
Class offer closed having raised GBP6.97 million with a total of
6,824,266 B Shares being issued.
Key Highlights
-- Venture Shares Cumulative Dividends Paid: 6.00p (Nil Venture
dividends paid during the period).(4)
-- A Shares Cumulative Dividends Paid: 106.50p (Nil A share dividends paid during the period).
-- B Shares Cumulative Dividends Paid: 20.00p (Nil B share dividends paid during the period.
-- Total Return per Venture Share: 113.9p (Total Return for the
Venture Share Class includes cumulative dividends paid of 6.00
pence per Venture share).(2)
-- Total Return per A Share: 119.72p (Total Return for the A
Share Class includes cumulative dividends paid of 106.50 pence per
A share).(2 3)
-- Total Return per B Share: 100.00p (Total Return for the B
Share Class includes cumulative dividends paid of 20.00 pence per B
share).(2)
-- Fundraising: GBP18.55m (into the Venture Fund offer which closed on 29 July 2022).
-- Post balance sheet: GBP5.5m proceeds from B Share Class disposals.
(2) Total Return is made up from the current Net Asset Value
plus Dividends paid to date. Total Return is defined as an
Alternative Performance Measure ("APM"). Total Return, calculated
by reference to the cumulative dividends paid plus net asset value
(excluding tax reliefs received by shareholders), is the primary
measure of performance in the VCT industry.
(3) The value to be distributed will also be subject to the
performance fee payable on distribution and other relevant fees and
costs. As a result the total return may be lower than indicated in
this report.
(4) A dividend of 3p per share was paid to Venture Shareholders
following the period end on 5 September 2022.
Chair's Statement
I am writing to present the Interim Report for the Company for
the period ended 31 August 2022.
We are very pleased to report that after the period end we have
successfully sold the remaining assets within the B Share Class,
Distributed Generators Ltd and Green Peak Generation Limited for a
total of GBP5.5m, representing a 38.67% uplift in the B Share Class
NAV following renewed interest in these types of assets due to
changes in the energy market landscape . The effect of the sale is
recognised in the updated NAV and further information on the sale
and next steps for the share class can be found below and in the
Investment Manager's Review.
Our Venture portfolio has continued to grow through the period,
having made seven new qualifying investments and two follow-on
investments, at a total investment of GBP4.58 million. It has also
seen an increase in the total net assets of 42% since 28 February
2022 as a result of new subscriptions. Further information on the
investment portfolio for all the Share Classes can be found below
and in the Investment Manager's Review on pages 17 to 22 .
Offer for Subscription of Venture Shares
The recent Offer for Subscription of Venture Shares closed on 29
July 2022. The Board are pleased to announce that the offer raised
GBP 18.55 million and resulted in the issuance of 16,477,301 new
Venture Shares. On behalf of the Board, I would like to welcome all
new Shareholders and to also thank the existing Shareholders for
their continued support.
The Board and the Investment Manager believe that the level of
Venture investment opportunity in our chosen sectors continues to
be promising. The Company has announced that it is seeking to raise
a further GBP10 million (with a GBP20 million over-allotment
facility), under a new top-up offer for the Venture Fund, to
continue investing in early-stage businesses with strong, long-term
growth potential. The offer for subscription opened on 21 September
2022 and will close on 28 July 2023 or earlier if fully
subscribed.
Investment Portfolio
The Company's funds at 31 August 2022 were 62.81% invested in a
portfolio of VCT qualifying and non-qualifying unquoted
investments. It continues to meet the condition that 80% of
relevant funds must be invested in qualifying investments.
The A and B Share Classes have continued the process of
realising investments and further information regarding these share
classes is set out in both the Chair's Statement and Investment
Manager's Review below.
As at 31 August 2022, the Venture Fund has since its inception
deployed GBP22.2 million into 38 qualifying investments; the
Company achieved its first cash exit during the period for Credit
Kudos at a 5x return multiple. The exit from Credit Kudos is the
second exit for the share class following the sale of Adepto to
Degreed in December 2019.
Venture Fund
The Venture Fund recorded a small loss during the period of 5.94
pence per share. This was mainly due to the net effect of
unrealised fair valuation reductions made on a number of portfolio
investments outweighing a number of unrealised valuation uplifts on
other portfolio companies. We have taken into consideration falls
in listed technology share valuations (although the Venture Fund
has no listed investments), the currently more challenging
fund-raising environment for early-stage businesses and of course
individual portfolio companies' commercial performance.
While the main macro factor in 2020 and 2021 was the Covid-19
pandemic and related lockdowns, this year we have seen a shift to
broader macroeconomic concerns, initially centring on the
Russia-Ukraine war and the associated energy crisis, but with
broadening implications for consumers and businesses. The Venture
Fund's portfolio demonstrated resilience during Covid-19 but is now
being put to new tests. In February/March of this year, two
portfolio companies were temporarily impacted by the Ukraine-Russia
war, where they had remote software engineering resource, but they
adapted quickly to find alternative resource while also acting,
with Triple Point's support, to assist their team members in the
Ukraine.
There may be other challenges emerging from recent economic
concerns (refer to the Outlook section below), but there is still a
considerable legacy in our technology-driven ecosystem from the
pandemic. It is not just the way that we do certain things that has
changed - most notably the continued acceptance of the
effectiveness of a significant element of remote working and that
some meetings and appointments can also continue to take place
remotely online - but also the way that businesses think about
things; openness to external technology and software solutions to
business problems is greater than ever. This development has
brought with it an array of opportunities for innovative start-ups
and creative entrepreneurs. There is continued appetite from
start-ups for venture capital funding, and we are primed to back
the next wave of disruptive technology as it arises in the coming
months and years. We continue to see a significant opportunity to
invest in new ideas, taking advantage of innovations in Open
Banking, Data Analytics, Cyber Security, Digital Health, the Energy
Transition, and many other sectors.
There have been a number of changes in portfolio valuations
during this half year. Our valuation policy takes account of the
share prices for investees that we observe being achieved in their
latest material funding round involving third party investors. Also
reductions are made against valuations where, in our judgment, a
portfolio company is either materially underperforming commercially
or where developments in listed and unlisted technology company
valuations suggest that the last funding round valuation would look
less appropriate in the current circumstances.
While the portfolio overall has continued to make good
commercial progress, we are reporting a small reduction in the
Fund's NAV with these results. This is the net effect of some
upward valuations and a number of reductions in fair value made on
other investments. We have been watchful of developments in listed
software company valuations, which have declined significantly over
the last year. We also note that 2022 has seen a somewhat more
challenging environment for venture capital raising for all but the
strongest growth stories. We have therefore reduced our valuations
on investments where we believe that growth rates are not
sufficient to offset market valuation declines or reduced
liquidity. In relation to some portfolio companies, which
benefitted from the very positive valuation climate in 2021, we
have reduced our estimates of fair value.
This decline in NAV follows a strong period of portfolio and NAV
growth in the last two years. As referred to within last year's
interim report, investors should remain aware that Venture Fund NAV
volatility may remain high and will be impacted by trends in global
venture capital valuations as well as the portfolio's underlying
commercial performance. Please note, your investment value can go
down as well as up.
By the end of August 2022, the net funds raised in the Venture
Fund's 2018/19, 2019/20 & 2020/21 offers had been invested into
38 qualifying venture investments, and the share class overall was
over 60% invested. There were nine investments made in the period
under review including seven new investments and two follow-on
investments into existing portfolio companies, reflecting the
maturing of the 2019 and 2020 cohort of investments. While all
these investments involved software services or platforms, the
sub-sectors included Cyber-security, Digital Health, HR Tech,
Treasury Management and SalesTech. More detail on these investments
can be found in the Investment Manager's Review.
Both the Board and the Investment Manager believe ESG
considerations are important and they are taken into account
through the investment process within the Venture Fund. Whilst
early-stage companies do not always have the scale or resources to
adopt the full scale of ESG initiatives open to large corporates,
we always check the processes and policies they have in place to
ensure that they are proportionate to their size and
activities.
A Share Class
The Company intends to transfer its interest in Green Highland
Shenval Limited (Shenval), a hydroelectric power company, from the
A Share Class to the Venture Fund taking account of the most recent
audited value and other commercial factors since that date. This
will conclude the A Share Class exit project pending distribution
of proceeds and provides the Venture Fund with an income-generating
VCT-qualifying investment.
The A Share Class has recorded a profit over the period of 0.02
pence per share and as at 31 August 2022 the NAV per share stood at
13.22 pence per share following payment of the most recent 33 pence
per share dividend on 23 December 2021. A Class Shareholders have
now received 106.50 pence per share in dividends, excluding the
initial tax relief of 30%. Total return for the A Share Class,
which consists of the NAV plus dividends paid to investors since
launch, currently stands at 119.77 pence per share (note that the
NAV is subject to final exit costs and does not include any
performance fees due to the Investment Manager on
distribution).
B Share Class
The B Share Class has qualifying investments in two companies
that each constructed a gas fired energy centre . The B Share Class
has recorded a profit over the period of 32.31 pence per share due
to the increased valuation in the Gas Power Companies. At 31 August
2022 the NAV per share stood at 80.00 pence per share. Total Return
for the B Share Class, which consists of the net assets plus
dividends paid to investors since launch, currently stands at
100.00 pence per share.
The Board is pleased to announce that on 10 October 2022 it
completed on the sale of Green Peak Generation Limited within the
Company's B Share Class for total consideration of GBP2,274,000 and
the sale of Distributed Generators Limited within the Company's B
Share Class for total consideration of GBP3,260,000 as part of a
wider portfolio sale of gas-fired energy generation companies. The
NAV of 80.00 pence per share and total return of 100 pence per
share as set out above remain unchanged following the sale, In
January 2017 the Investment Manager agreed not to charge their
investment management fees on the gas fired energy centre assets,
pending them generating income or in the event of a successful
disposal. The NAV includes a deduction for a portion of these
outstanding investment management fees, which will cover the cost
up to and including the wind-down and cancellation of the B Share
Class, with the remaining balance being waived.
The Company conducted a competitive process and invited bids
from some of the leading energy infrastructure investors in the UK,
following renewed interest in these types of assets due to changes
in the energy market landscape. The Company received bids from all
invited bidders, following which Conrad Energy (Holdings) II
Limited ("Conrad") was selected as the preferred bidder for the
gas-fired generation projects, with reference to key criteria
including total consideration, level of offer conditionality and
high level of deliverability. At the conclusion of the sale
process, Conrad's final offer was considered the most attractive to
the Company.
The Board expects to be in a position to announce a dividend for
B Shareholders to return the net proceeds of the sale of these
assets shortly following the financial year ending 28 February 2023
in order for the Company to continue to satisfy VCT qualifying
conditions. At the appropriate time, a proposal will be put to
shareholders for the wind-up and cancellation of the B Share Class.
During the period, the Board has exercised its discretion not to
facilitate share buybacks in the B Share Class due to insufficient
liquidity, and as noted above, expects to return the net proceeds
of sale to B Shareholders by way of a dividend shortly following
the financial year ending 28 February 2023.
B Share Class Net Asset Value
As a result of the disposal of its gas fired energy assets, the
Company announces that the unaudited net asset value ("NAV") per B
Share as at 10 October 2022 was 80.00 pence per share (as at 28
February 2022 the audited NAV per B Share was 57.69 pence per
share). This represents a 38.67% increase in the B Share NAV in
comparison to 28 February 2022. The new unaudited NAV per B Share
as at 10 October of 80 pence per share combined with total
dividends per B Share paid to date of 20 pence per share brings the
total shareholder return per B Share to 100 pence per share.
The B Share NAV has increased due to the sale of the gas fired
energy assets at a share price significantly higher than the price
at which they had previously been valued. The valuation of the B
Share NAV was last updated at 28 February 2022, when the assets
were experiencing issues in relation to water ingress. The assets
have since been fully repaired and are operating well. In addition,
the energy market landscape has moved in favour of gas fired energy
assets, which has led to significant improvements in trading
performance.
Regulation
The Company continued to satisfy all requirements relevant to
its status as a Venture Capital Trust.
Outlook
The macroeconomic environment for the UK and internationally
looks increasingly challenging with the energy crisis and related
cost of living/inflation pressures being met by central banks which
are still raising interest rates. That interest rates are rising,
even as economic headwinds blow harder, is a new development
relative to the experience of the last few decades where, in the US
and UK in particular, monetary policy tended to loosen quite early
in economic downturns. Thus, we are not complacent about the
portfolio. While the direct impact of higher energy costs and a
weakening consumer sector on our B2B software companies is limited,
there could well be indirect consequences: for example where
portfolio companies sell to business customers who are themselves
dependent on the consumer or property sectors and as higher
interest rates increase the options for investors, raising the cost
of capital in our sector as well as others. Nevertheless, we remain
of the view that a period of adversity can represent a period of
considerable opportunity for investors. As such, we feel that now
is a good time to raise additional capital to be in a position to
react to and benefit from any new opportunities as they arise as a
result of economic changes caused by sharply higher energy prices,
interest rate rises and the continued effects on behaviour of the
Covid-19 pandemic. Just as Covid-19 accelerated the move to the
Cloud, the current energy price shock is driving innovation around
the energy sector including in our own preferred software
sector.
We are pleased to report that the fourth Venture Fund offer for
subscription closed on 29 July 2022 having raised GBP18.55 million
and the Investment Manager has already made good progress in
deploying some of those funds. We have a full pipeline of new
investments for the next six months including four further
investments that are in the process of deal execution.
As highlighted above, the new offer for subscription announced
on 21 September 2022 will continue to target significant capital
growth by investing in early-stage innovative companies with a
particular focus on the business-to-business technology sector, and
we remain excited about the opportunities ahead. Net funds raised
in the current offer are likely to be invested over the next 2
years as opportunities arise.
In respect of the A Share Class and the B Share Class, the next
stage is for the Company to wind down and ultimately for it to
cancel these share classes, which is expected in the first quarter
of 2023 following the transfer of Shenval in respect of the A Share
Class. Final distributions are also expected to be paid shortly
after year ending 28 February 2023 for the Company to maintain its
VCT qualifying status.
If you have any questions about your investment, please do not
hesitate to contact Triple Point on 020 7201 8990.
Jane Owen
Chair
26 October 2022
Investment Manager's Review
Sector Analysis
During the period there have been changes to the Unquoted
Investment Portfolio. The Venture Fund has made investments into
seven new companies, examples of which can be seen on pages 20-21
of the Investment Manager's Review. There were also two follow-on
deployments into existing Venture Fund portfolio companies.
The sector breakdown of the Unquoted Investment Portfolio at 31
August 2022 is as follows:
Electricity Generation SME Funding
Content Total
Industry Field Cyber & Hydroelectric Hydroelectric Unquoted
Sector Fintech Middleware Health Logistics Insuretech Proptech Construction engineering Security HR RevOps Education Design Power Gas Power Power Other Investments
--------- ------------ --------- ----------- ------------ ---------- -------------- ------------- ---------- --------- --------- ----------- --------- --------------- ----------- -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'001 GBP'002 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- ------------ --------- ----------- ------------ ---------- -------------- ------------- ---------- --------- --------- ----------- --------- --------------- ----------- ---------
A Shares - - - - - - - - - - - - - 533 - - - 533
B Shares - - - - - - - - - - - - - - 5,534 - - 5,534
Venture Shares 5,557 4,154 5,319 1,849 827 1,011 300 300 1,600 3,324 344 641 150 - - - 485 25,861
5,557 4,154 5,319 1,849 827 1,011 300 300 1,600 3,324 344 641 150 533 5,534 - 485 31,928
Unquoted
Investments % 17.40% 13.01% 16.66% 5.79% 2.59% 3.17% 0.94% 0.94% 5.01% 10.41% 1.08% 2.01% 0.47% 1.67% 17.33% 0.00% 1.52% 100.00%
--------- ------------ --------- ----------- ------------ ---------- -------------- ------------- ---------- --------- --------- ----------- --------- --------------- ----------- --------------- --------- -------------
Investment Portfolio as at 31 August 2022
Venture Share Class
VCT Qualifying Investments 61%
-----
VCT non-qualifying unquoted investments 1%
-----
Cash and cash equivalents 38%
-----
A Share Class
VCT Qualifying Investments 46%
-----
Cash and cash equivalents 54%
-----
B Share Class
VCT Qualifying Investments 94%
-----
Cash and cash equivalents 6%
-----
We have the pleasure in presenting our interim review for the
six months ended 31 August 2022.
Review & Future Developments
The UK and global economy bounced back from Covid-19 only to be
faced with a severely inflationary environment caused by the QE and
fiscal expansion that governments undertook during Covid, by supply
chain disruption and by the rising costs of energy as a result of
the Russia-Ukraine war. This has resulted in a fall in global stock
markets, a sharp rise in bond yields and economic weakness in the
UK and EU. This has affected and will continue to affect valuations
of businesses both in the public and private markets. That is
reflected in the small fall in Venture Fund NAV reported above. We
are living in uncertain times. That said, there is never a shortage
of early-stage companies looking to raise money and technological
innovation never stops, so we do not expect a sudden slowdown in
deal flow.
Venture Fund
The Venture Fund was initially launched in September 2018 and
has raised GBP41.5 million to date net of costs, including most
recently its fourth offer, which closed on 29 July 2022 having
raised a further GBP18.55 million.
The Triple Point team began investing the fund in April 2019 and
as at 31 August 2022 have completed 38 individual investments in
predominantly business-to-business technology firms serving sectors
spanning across Fintech, Healthcare, Logistics, HR Tech,
Middleware, Insuretech, Proptech, Cyber Security, Education,
Telecommunications and Content & Design.
As the portfolio matures, follow-on investments continue to be
made into existing portfolio companies. Follow on investments were
made into Expression Insurance and Veremark. With all the
investments, the Venture Fund has coinvested with other venture
capital funds and/or angel investors. The Venture Fund's valuations
for these companies initially reflect independent market dynamics,
rather than being internal valuations. There have of course also
been a number of portfolio investments which have not met our
expectations or maintained their valuations and, where appropriate,
fair value adjustments have been taken against the Venture Fund's
valuation of those companies. While, to date, none of the Venture
Fund's portfolio has completely failed, it is in the nature of
venture investing that we will see failures in future and there are
two companies in the portfolio where fair value is estimated at
zero.
Start-ups have seen the costs of doing business continue to
rise, principally as a result of rising wage costs linked to the
tight labour market, especially in the skilled areas that tech
companies seek such as software development and digital marketing.
Despite this, the Triple Point team are continuing to see a full
pipeline of potential opportunities for the Venture Fund.
The Venture Fund will continue to focus on business-to-business
investment opportunities using a challenge-led approach which in
essence means that we seek new products that are addressing a major
pain point for their corporate customers. By doing this and
focussing on backing businesses with large addressable markets for
their products, the Venture Fund has the potential to generate
long-term capital growth for investors. Over time, realised capital
gains are expected to contribute to the payment of dividends by the
VCT along with growing the NAV.
The total deployed by the Venture Fund to date, including both
qualifying and non-qualifying investments, is GBP22.2 million. The
balance of the Venture Share Class's assets are held in cash and
cash deposits.
As mentioned above, during the period, the Venture Fund made
seven new qualifying investments, at a total cost of GBP3.6
million. Their businesses are described briefly below:
Konfir
Konfir is an API-led verification platform that enables instant
employment history and prior income checks. Konfir provides fast,
safe and cost-effective access to employment and income data
available through integrations with payroll APIs, direct
relationships with payroll / payment providers and Open Banking
technology.
Visibly
Visibly has developed a platform designed for field service
engineers and their employers to evaluate and improve engineering
skills. Through the Visibly platform, weekly quality checks are
assigned to employees, which are completed to confirm training and
compliance with standards. Using Visibly's app, field engineers
simply record themselves completing the assigned tasks and submit
for review. Reviews are then randomly allocated to another employee
with, typically, every tenth 'challenge to review' being rereviewed
to ensure quality.The platform also features a community function,
which will act as a forum for field engineers to share best
practices, ask for advice or gain social validation for their
professional competency.
CDS
Crowd Data Systems ("CDS") is the developer of Vision, a
cloud-based treasury management software solution built for medium
and large enterprise. The Vision product is designed to replace
legacy on-premise, 'one size fits all' treasury systems, which are
the primary product in the market at present. Vision differentiates
itself through biweekly software updates and a modular product
structure, offering a full suite of tools broken into several
modules including Cash Forecasting, Risk Management and Foreign
Exchange.
Trumpet
Trumpet is building a platform to transform the entire B2B sales
process from pitch to onboarding. Their platform enables sales
organisations to easily create online sales microsites or "Pods"
personalised to each customer. Pods are built using no-code widgets
which lets a sales rep easily add different components (About us,
Pricing, Features, Testimonials etc.) frictionlessly to customise
the sales experience for the specific scenario. The Trumpet
Podboard provides an integrated dashboard to track engagement with
each Pod. Through integrations with CRM's this data can be used to
more precisely track the revenue generated from specific Pod's,
helping to identify which materials are most effective.
Rhubarb
Rhubarb is a one-click Chrome extension enabling automatic,
tailored job applications for software developers and a data-driven
talent pool for employers. Software engineer's simply sign-up to
Rhubarb, download their Chrome extension and then fill in a
15-minute form outlining their work history, most of which can be
copied over from an existing CV. When applying for jobs Rhubarb
candidates then benefit from automatically customed CVs tailored to
the job application.
Scan.com
Scan.com is building the infrastructure layer to connect the
global diagnostic imaging market, aiming to solve the lack of price
transparency for imaging, long waiting lists and reliance on
archaic workflows.
Outthink
OutThink is going beyond cybersecurity awareness training to
become the world's first human risk management platform. OutThink
achieves this by finding statistically significant correlations
between attitudes and real security behaviours and building
predictive human risk models. OutThink was purpose-built by a team
of visionary CISOs, security experts and researchers, for security
professionals who are looking to build more effective, usable
security and make people their strongest defense mechanism.
A Share Class
The remaining hydroelectric power asset, Shenval, performed in
line with expectations and there were no asset management concerns.
As stated in the Chair's letter, it is expected that the Shenval
investment will shortly be transferred to the Venture Fund.
B Share Class
Following an extensive process to improve the operating
performance of the gas fired energy generation centres we entered
into discussions for the disposal of these investments to a third
party. We are pleased to announce that on 10 October 2022 following
a competitive tender process we completed on the sale of the
Company's investment in Green Peak Generation Limited for total
consideration of GBP2,274,000 and the sale of the investment in
Distributed Generators Limited for total consideration of
GBP3,260,000, as part of a wider portfolio sale of gas-fired energy
generation companies.
The carrying value was last updated at the year-end which was a
time when there was significant uncertainty over the valuation of
the assets. In addition to the uncertainty around secondary market
valuation for this type of asset, the centres had experienced some
downtime and issues in relation to water ingress. Since then, the
assets have been fully repaired and are operating well. Following
the Russia-Ukraine war and ensuing energy market volatility, the
market has also moved in favour of generating assets, leading to
significant improvements in trading performance and increased
interest from prospective secondary market acquirors. As a result,
we have been able to secure prices for these investments which we
believe to be attractive.
Outlook
After the robust rate of investment in the Venture Fund over the
last 6 months, the opportunity set of new and follow-on investments
remain attractive. The Venture Fund continues to be well positioned
to deploy its liquidity into its chosen niche. The focus remains on
B2B Technology businesses, primarily in early-stage companies with
software products which the manager believes are addressing real
pain points for their corporate customers. We continue to have a
focus on Seed-stage investment rounds and we will also invest time
and capital in finding various pre-Seed opportunities that we
believe have the potential for larger returns. As the portfolio
continues to mature, we are also participating in a growing number
of Series A and Series B follow-on funding rounds by portfolio
companies. When we are impressed with a portfolio company that is
raising new funds it is our policy to try to take advantage of the
Venture Fund's pre-emption rights to join the round, VCT investment
rules permitting. We expect to see more such follow-on
opportunities in the coming months as investee companies
mature.
As stated in the Chair's letter, in respect of the A Share Class
and the B Share Class, the next stage is for the Company to wind
down and ultimately for it to cancel these share classes, which is
expected in the first quarter of 2023 following the transfer of
Shenval in respect of the A Share Class. Final distributions are
expected to be made shortly following the year ending 28 February
2023 to ensure the Company maintains its VCT qualifying status.
If you have any questions, please do not hesitate to call us on
020 7201 8990.
Ian McLennan
Partner
For Triple Point Investment Management LLP
26 October 2022
Interim Report - Investment Portfolio Summary
For the six months ended 31 August 2022
Unaudited Audited
31 August 2022 28 February 2022
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 27,654 61.75 31,444 64.72 23,274 75.09 28,169 77.76
Non-Qualifying holdings 471 1.05 484 1.00 1,476 4.76 1,813 5.00
--------- -------- --------- -------- --------- -------- --------- --------
Financial assets at fair value
through profit or loss 28,125 62.80 31,928 65.72 24,750 79.85 29,982 82.76
Cash and cash equivalents 16,656 37.20 16,656 34.28 6,246 20.15 6,247 17.24
--------- -------- --------- -------- --------- -------- --------- --------
44,781 100.00 48,584 100.00 30,996 100.00 36,229 100.00
Qualifying Holdings
Unquoted
Venture Investments
Degreed Inc. 300 0.67 444 0.91 300 0.97 533 1.47
Augnet Ltd 300 0.67 100 0.21 300 0.97 - -
MWS Technology Ltd 150 0.33 441 0.91 150 0.48 353 0.97
Counting Ltd (t/a Counting Up) 920 2.05 835 1.72 920 2.97 835 2.30
Ably Real Time Ltd 1,312 2.93 3,153 6.49 1,312 4.23 3,153 8.70
Heydoc Ltd 760 1.70 1,375 2.83 760 2.45 1,374 3.79
Vyne Technologies Ltd 1,127 2.52 2,608 5.37 1,127 3.64 3,725 10.28
Homelyfe Limited (t/a Aventus) 700 1.56 - - 700 2.26 - -
Digital Therapeutics Inc (t/a
Quit Genius) 1,245 2.78 2,632 5.42 1,245 4.02 2,755 7.60
Adfenix AB 799 1.78 642 1.32 799 2.58 673 1.86
Credit Kudos 500 1.12 - - 500 1.61 2,518 6.95
Artifical Artists 150 0.33 150 0.31 150 0.48 120 0.33
Veremark 910 2.03 1,529 3.15 450 1.45 471 1.30
Localz 750 1.67 750 1.54 750 2.42 750 2.07
Sealit 200 0.45 100 0.21 200 0.65 180 0.50
Bkwai 250 0.56 170 0.35 250 0.81 170 0.47
Exate 500 1.12 350 0.72 500 1.61 400 1.10
Expression Insurance 500 1.12 827 1.70 500 1.61 681 1.88
Kamma 500 1.12 200 0.41 500 1.61 250 0.69
Seedata 150 0.33 150 0.31 150 0.48 150 0.41
Stepex 499 1.11 499 1.03 499 1.61 499 1.38
Anorak 700 1.56 - - 700 2.26 525 1.45
Ryders 1,000 2.23 1,000 2.06 1,000 3.23 1,000 2.76
Nook 250 0.56 200 0.41 250 0.81 250 0.69
Tickitto 1,000 2.23 1,000 2.06 1,000 3.23 1,000 2.76
SonicJobs 450 1.00 450 0.93 450 1.45 450 1.24
Catalyst 224 0.50 224 0.46 224 0.72 224 0.62
Knok Healthcare 513 1.15 513 1.06 513 1.65 513 1.42
Learnerbly 200 0.45 200 0.41 200 0.65 200 0.55
Pixie 915 2.04 915 1.88 915 2.95 915 2.53
Konfir 500 1.12 500 1.03
Konstructly 300 0.67 300 0.62
Visibly Tech 300 0.67 300 0.62
Crowd Data 500 1.12 500 1.03
Trumpet 120 0.27 120 0.25
Rhubarb 400 0.89 400 0.82
Scan.com 800 1.79 800 1.65
OutThink 1,000 2.23 1,000 2.06
Hydroelectric Power
Green Highland Shenval Limited 860 1.92 533 1.10 860 2.77 533 1.47
Gas Power
Distributed Generators Limited 3,200 7.14 3,260 6.71 3,200 10.32 1,925 5.31
Green Peak Generation Limited 1,900 4.24 2,274 4.68 1,900 6.13 1,044 2.88
--------- -------- --------- -------- --------- -------- --------- --------
27,654 61.75 31,444 64.72 23,274 75.08 28,169 77.75
Audited
Unaudited
31 August 2022 28 February 2022
Cost Valuation Cost Valuation
GBP'000 % GBP'000 %
Non-Qualifying Holdings
Unquoted
SME Funding:
Hydroelectric Power
Broadpoint 3 Limited - - - - 1,005 3.24 1,329 3.67
Other
Modern Power Generation
Limited 471 1.05 484 1.00 471 1.52 484 1.34
--------- -------- --------- -------- --------- -------- --------- --------
471 1.05 484 1.00 1,476 4.76 1,813 5.00
Principal Risks and Uncertainties
The Directors seek to mitigate its principal risks by regularly
reviewing performance and monitoring progress and compliance. In
the mitigation and management of these risks, the Directors carry
out a robust assessment of the Company's emerging and principal
risks , including those that would threaten its business model,
future performance, solvency or liquidity and reputation.
The main areas of risk identified by them, along with the risks
to which the Company is exposed through its operational and
investing activities, are detailed below.
VCT Qualifying Status Risk The Company is always required to
observe the conditions laid down in the Income Tax Act 2007 for the
maintenance of approved VCT status. The loss of such approval could
lead to the Company losing its exemption from corporation tax on
capital gains, to investors being liable to pay income tax on
dividends received from the Company and, in certain circumstances,
to investors being required to repay the initial income tax relief
on their investment.
Mitigation: The Investment Manager keeps the Company's VCT
qualifying status under continual review and reports to the Board
at Board Meetings. The Board has appointed Philip Hare &
Associates LLP to undertake an independent VCT status monitoring
role. Any new Venture investments are reviewed by legal advisers,
and their opinion sought on whether the investment is likely to be
a qualifying investment.
Investment Risk the Company's VCT qualifying investments will be
held in small and medium-sized unquoted investments which, by their
nature, entail a higher level of risk and lower liquidity than
investments in large, quoted companies. This could make it
difficult to realise investments in line with the relevant
strategy.
Mitigation: The Directors and Investment Manager aim to limit
the risk attached to the portfolio by careful selection and timely
realisation of investments, by carrying out rigorous due diligence
procedures and by maintaining a spread of holdings in terms of
industry sector and geographical location. The Board reviews the
investment portfolio with the Investment Manager on a regular
basis. Where possible, a member of the Investment Manager team
holds a seat on the board of the portfolio companies. This enables
the Investment Manager to observe and offer guidance to the
portfolio company when and where this may be required. TPIM has
developed a wide industry network and strong pipeline which is
reviewed quarterly by the Board. The Venture Fund aims to mitigate
some of the risks typically associated with venture capital
investing by proactively working with businesses with the potential
for high growth that are actively solving problems for established
corporates, increasing their chances of success.
Financial Risk as a VCT the Company is exposed to market price
risk, credit risk, fair value risk, liquidity risk, inflation risk
and interest rate risk. As most of the Company's investments will
involve a medium to long-term commitment and will be relatively
illiquid, the Directors consider that it is inappropriate to
finance the Company's activities through borrowing, other than for
short-term liquidity.
Mitigation: The key elements of financial risk are discussed in
more detail in the 2022 Annual Report available at
https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/.
At the reporting date, the Company had no borrowings and
substantial cash on the balance sheet.
Failure of Internal Controls Risk the Board regularly reviews
the system of internal controls, both financial and non-financial,
operated by the Company and the Investment Manager. These include
controls designed to ensure that the Company's assets are
safeguarded and that proper accounting records are maintained.
Mitigation: The Board maintains a risk register which sets out
the risks affecting both the Company and the investee companies in
which the Company is invested. This risk register is reviewed and
updated at least twice a year to ensure that procedures are in
place to identify the principal risks which may affect the Company
and its portfolio companies, mitigate, and minimise the impact of
those risks should they crystallise and to identify emerging risks
and to determine whether any actions are required. This enables the
Board to carry out a robust assessment of the risks facing the
Company, including those risks that would threaten its business
model, future performance, solvency or liquidity and
reputation.
Emerging Risks
Ukraine-Russia War
In late February 2022, Russia began an invasion of Ukraine with
devastating consequences for the country's citizens and major
implications for wider humanity, the global economy and capital
markets. The Company does not have any direct exposure to Russia
but continues to monitor the potential wider macroeconomic
consequences on the Company and its investee companies closely,
including energy price volatility and further sanctions.
Macroeconomic Environment
The macroeconomic environment for the UK and internationally
looks increasingly challenging with the energy crisis and related
cost of living/inflation pressures being met by central banks which
are still raising interest rates. That interest rates are rising
even as economic headwinds blow harder is a new development
relative to the experience of the last few decades where, in the US
and UK in particular, monetary policy tended to loosen quite early
in economic downturns. This time we appear to be faced by economic
weakness and still rising interest rates which could lead to either
a deep or a prolonged recession despite UK fiscal policies aimed at
countering such a threat. Until inflation rates clearly peak and
fall, the economic outlook is likely to remain difficult. Thus, we
are not complacent about the portfolio. While the direct impact of
higher energy costs and a weakening consumer sector on our B2B
software companies is small, there likely to be indirect
consequences, for example, where portfolio companies sell to
business customers who are themselves dependent on consumer or
property sectors, and as higher interest rates increase the options
for investors, raising the cost of capital in our sector as well as
others.
There has also been increased attention on the volatility in
exchange rates, notably the depreciation of Sterling and the
appreciation of the US dollar. The main operational and revenue
centre for portfolio companies tends to be the UK. However, there
are a number of companies who have revenues in the USA (and so may
benefit when translating such revenue back into Sterling) but there
are more portfolio companies who have minimal revenues in the USA
but are engaged in expanding into that market which involves set-up
investment and hiring costs (which will now look more expensive in
Sterling terms).
Directors' Responsibility Statement
The Directors confirm to the best of their knowledge that:
-- the condensed interim financial statements have been prepared
in accordance with IAS 34 'Interim Financial Statements'; and
-- the Interim Report includes a fair review of the information
required by the Disclosure and Transparency Rules ('DTR') of the
Financial Conduct Authority being DTR 4.2.7 and DTR 4.2.8,
namely
i. an indication of the important events that have occurred
during the first six months and their impact on the condensed
interim financial statements, and a description of the principal
risks and uncertainties for the remaining six months of the
financial year; and
ii. material related party transactions in the first six months
and any material changes in the related party transactions
described in the last Annual Report.
The condensed interim financial statements have not been audited
or reviewed by the auditors.
Jane Owen
Chair
26 October 2022
Unaudited Statement of Comprehensive Income
For the six months ended 31 August 2022
Unaudited Audited Unaudited
Six months ended Year ended Six months ended
31 August 2022 28 February 2022 31 August 2021
------------------------------- -------------------------------- -------------------------------
Note
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
income 4 78 - 78 235 - 235 173 - 173
Investment
Return/(loss) - 2,342 2,342 - (334) (334)
Investment
Gain/(loss)
arising on
the
revaluation
of
investments
at the period
end - (1,631) (1,631) - 7,359 7,359 - 5,530 5,530
Investment
return 78 711 789 235 7,025 7,260 173 5,530 5,703
--------- --------- --------- ---------- --------- --------- --------- --------- ---------
Investment
management
fees 5 81 724 805 403 135 538 207 57 264
( 203
Other expenses 223 ) 20 774 (94) 680 407 - 407
Performance
Fee 6 - - - - 1,066 1,066 - 769 769
304 521 825 1,177 1,107 2,284 614 826 1,440
--------- --------- --------- ---------- --------- --------- --------- --------- ---------
(Loss)/profit
before ( 226
taxation ) 190 (36) (942) 5,918 4,976 (441) 4,704 4,263
--------- --------- --------- ---------- --------- --------- --------- --------- ---------
Taxation 8 - 74 74 (58) (15) (73) 38 156 194
(Loss)/profit
after ( 226
taxation ) 264 38 (1,000) 5,903 4,903 (403) 4,860 4,457
--------- --------- --------- ---------- --------- --------- --------- --------- ---------
Other
comprehensive
income - - - -
--------- --------- ---------
Total
comprehensive ( 226
(loss)/income ) 264 38 (1,000) 5,903 4,903 (403) 4,860 4,457
--------- --------- --------- ---------- --------- --------- --------- --------- ---------
Basic &
diluted
earnings
per share
(pence)
A Shares 9 0.14p (0.12p) 0.02p 0.46p (3.17p) (2.71p) 0.61p (0.11p) 0.50p
(0. 94 33.25 32.31
B Shares 9 p) p p (1.04p) 1.35p 0.31p (0.47p) - (0.47p)
(5.
46p
Venture Shares 9 (0.48p) ) (5.94p) (4.26p) 26.84p 22.57p (2.08p) 23.37p 21.29p
The total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary revenue return and capital columns have been prepared
in accordance with the Association of Investment Companies
Statement of Recommended Practice (AIC SORP). All revenue and
capital items in the above statement derive from continuing
operations. This Statement of Comprehensive Income includes all
recognised gains and losses. The accompanying notes are an integral
part of this statement.
Unaudited Balance Sheet
At 31 August 2022
Company No: 07324448
Unaudited Audited Unaudited
31 August 28 February 31 August
2022 2022 2021
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at
fair value through profit
or loss 31,928 29,982 30,089
----------- ------------- -----------
Current assets
Receivables 1,453 276 385
Cash and cash equivalents 10 16,656 6,247 4,943
18,109 6,523 5,328
----------- ------------- -----------
Total assets 50,037 36,505 35,417
----------- ------------- -----------
Current liabilities
Payables and accrued
expenses 687 1,265 1,377
Current taxation (58) 15 (254)
629 1,280 1,123
----------- ------------- -----------
Net assets 49,408 35,225 34,294
=========== ============= ===========
Equity attributable
to equity holders
Share capital 561 430 397
Share Premium - 26,328 22,652
Share redemption reserve (11) 7 7
Special distributable
reserve 45,412 5,052 8,635
Capital reserve 4,871 4,607 3,564
Revenue reserve (1,425) (1,199) (961)
Total equity 49,408 35,225 34,294
=========== ============= ===========
Shareholders' funds
Net asset value per
A Share 11 13.22p 13.25p 49.49p
Net asset value per
B Share 11 80.00p 57.69p 56.91p
Net asset value per
Venture Share 11 107.99p 113.55p 110.91p
The statements were approved by the Directors and authorised for
issue on 26 October 2022 and are signed on their behalf by:
Jane Owen
Chair
26 October 2022
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
For the six months ended 31 August 2022
Share Special
Issued Share Redemption Distributable Capital Revenue
Capital Premium Reserve Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
ended
31 August 2022
Opening
balance 430 26,328 7 5,052 4,607 (1,199) 35,225
---------- -------------- -------------- --------------- ---------- ---------- ---------
Issue of share
capital 131 15,097 - - - - 15,228
Cost of issue
of shares - (386) - - - - (386)
Buy back of
own
shares - - (18) - - - (18)
Dividends paid - - - (679) - - (679)
Cancellation
of
share premium - (41,039) - 41,039 - - -
---------- -------------- -------------- --------------- ---------- ---------- ---------
Transaction
with
owners 131 (26,328) ( 18 ) 40,360 - - 14,145
---------- -------------- -------------- --------------- ---------- ---------- ---------
Profit/(loss)
before
taxation - - - - 190 (226) (36)
---------- -------------- -------------- --------------- ---------- ---------- ---------
Taxation - - - - 74 - 74
Profit/(loss)
after
taxation - - - - 264 ( 226 ) 38
Other
comprehensive
income - - - - - - -
---------- -------------- -------------- --------------- ---------- ---------- ---------
Total
comprehensive
loss for the
period - - - - 264 ( 226 ) 38
Balance at 31 (1, 425
August 2022 561 - ( 11 ) 45,412 4,871 ) 4 9,408
========== ============== ============== =============== ========== ========== =========
The Capital
Reserve
consists of:
Investment
holding
gains 3,843
Other realised
gains 1, 028
4,871
----------
Year ended 28
February 2022
Opening
balance 320 14,847 2 9,657 (1,296) (199) 23,331
---------- -------------- -------------- --------------- ---------- ---------- ---------
Issue of share
capital 115 11,821 - - - - 11,936
Cost of issue
of Shares - (340) - - - - (340)
Buy back of
own
shares (5) - 5 (356) - - (356)
Dividends paid - - - (4,249) - - (4,249)
Transactions
with
owners 110 11,481 5 (4,605) - - 6,991
---------- -------------- -------------- --------------- ---------- ---------- ---------
Profit/(loss)
before
taxation - - - - 5,918 (942) 4,976
Taxation - - - - (15) (58) (73)
Profit after
taxation - - - - 5,903 (1,000) 4,903
---------- -------------- -------------- --------------- ---------- ---------- ---------
Other
comprehensive
income - - - - - - -
Total
comprehensive
gains/(loss)
for
the period - - - - 5,903 (1,000) 4,903
Balance at 28
February 2022 430 26,328 7 5,052 4,607 (1,199) 35,225
========== ============== ============== =============== ========== ========== =========
The Capital
Reserve
consists of:
Investment
holding
losses 5,272
Other realised
losses (665)
4,607
----------
Six months
ended
31 August 2021
Opening
balance 320 14,847 2 9,657 (1,296) (199) 23,331
---------- -------------- -------------- --------------- ---------- ---------- ---------
Issue of share
capital 79 8,073 - - - - 8,152
Cost of issue
of shares - (268) - - - - (268)
Buy back of
own
shares (2) - 5 - - (359) (356)
Dividends paid - - - (1,022) - - (1,022)
Transfer
between
share classes - - - - - - -
Transactions
with
owners 77 7,805 5 (1,022) - (359) 6,506
---------- -------------- -------------- --------------- ---------- ---------- ---------
Loss before
taxation - - - - 4,860 (441) 4,419
Taxation - - - - - 38 38
Loss after
taxation - - - - 4,860 (403) 4,457
Other
comprehensive
income - - - - - - -
Total
comprehensive
loss for the
period - - - - 4,860 (403) 4,457
---------- -------------- -------------- --------------- ---------- ---------- ---------
Balance at 31
August 2021 397 22,652 7 8,635 3,564 (961) 34,294
========== ============== ============== =============== ========== ========== =========
The Capital
Reserve
consists of:
Investment
holding
gains 4,431
Other realised
losses (867)
3,564
----------
The capital reserve represents the proportion of Investment
Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The
unrealised capital reserve is not distributable. The special
distributable reserve was created on court cancellation of the
share premium account. The revenue reserve, realised capital
reserve and special distributable reserve are distributable by way
of dividend.
At 31 August 2022 the total reserves available for distribution
were GBP 3,976 ,000. This consists of the special distributable
reserves less the share premium cancellation for the Venture shares
issued due to the VCT rules that state capital cannot be
distributed within 3 years of the date they were issued in, plus
realised capital reserves less negative reserves .
Unaudited Statement of Cash Flows
For the six months ended 31 August 2022
Unaudited Audited Unaudited
Six months Six months
ended Year ended ended
28 February 31 August
31 August 2022 2022 2021
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation (36) 4,976 4,263
(Profit)/loss arising on the
disposal of investments during
the period (2,342) 334 -
Loss/(gain) arising on the revaluation
of investments at the period
end 1,631 (7,359) (5,530)
Cash flow generated by operations (747) (2,049) (1,267)
(Increase)/decrease in receivables (1,177) 169 60
(Decrease)/increase in payables (578) 806 918
Cash flows from operating activities (2,502) (1,074) (289)
------------ ------------- ------------
Adjustment for non-cash items:
Foreign exchange gain (200) (94) (37)
Increase/(decrease) in taxation - - (2)
Net cash flows from operating
activities (2,702) (1,168) (328)
------------ ------------- ------------
Cash flows from investing activities
Purchase of financial assets
at fair value through profit
or loss (4,880) (8,988) (6,686)
Disposal of financial assets
at fair value through profit
or loss 3,846 3,961 -
Net cash flows from investing
activities (1,034) (5,027) (6,686)
------------ ------------- ------------
Cash flows from financing activities
Issue of shares 14,842 11,596 7,884
Share buy-back & cancellation (18) - (356)
Cost of share issues - (356) -
Dividends paid (679) (4,249) (1,022)
Net cash flows from financing
activities 14,145 6,991 6,506
------------ ------------- ------------
Net increase in cash and cash
equivalents 10,409 796 (508)
============ ============= ============
Reconciliation of net cash flow
to movements in cash and cash
equivalents
Cash and cash equivalents at
1 March 2022 6,247 5,451 5,451
Net increase in cash and cash
equivalents 10,409 796 (508)
Cash and cash equivalents at
31 August 2022 16,656 6,247 4,943
============ ------------- ============
The accompanying notes are an integral part of this
statement.
Condensed Notes to the Unaudited Interim Financial
Statements
For the six months ended 31 August 2022
1. Corporate information
The Unaudited Interim Report of the Company for the six months
ended 31 August 2022 was authorised for issue in accordance with a
resolution of the Directors on 26 October 2022.
The Company applied for listing on the London Stock Exchange on
24 December 2010.
Triple Point VCT 2011 plc is incorporated and domiciled in
United Kingdom and registered in England and Wales. The address of
the Company's registered office, which is also its principal place
of business, is 1 King William Street, London, EC4N 7AF.
The Company is required to nominate a functional currency, being
the currency in which the Company predominately operates. The
functional and reporting currency is pounds sterling (GBP),
reflecting the primary economic environment in which the Company
operates.
The principal activity of the Company is investment. The
Company's investment strategy is to offer combined exposure to cash
or cash-based funds and venture capital investments focused on
companies with contractual revenues from financially secure
counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Report of the Company for the six months
ended 31 August 2022 has been prepared in accordance with IAS 34:
Interim Financial Reporting. The same accounting policies and
methods of computation are followed in the Interim Financial Report
as were followed in the most recent Financial Statements. It does
not include all the information required for full Financial
Statements and should be read in conjunction with the Financial
Statements for the year ended 28 February 2022.
Estimates
The preparation of the Unaudited Interim Report requires
management to make judgements, estimates and assumptions that
reflect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenditure. However,
actual results may differ from these estimates.
3. Segmental reporting
The Directors are of the opinion that the Company only has a
single operating segment of business, being investment
activity.
All revenues and assets are generated and held in the UK.
4. Investment income
Unaudited Audited
Six months ended 31 August Year ended 28 February
2022 2022
-------------------------------------------- --------------------------------------------
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Interest
receivable
on bank balances 1 2 41 44 - - 3 3
Loan interest 22 - 12 34 209 - 23 232
Dividend income - - - - - - - -
23 2 53 78 209 - 26 235
---------- ---------- --------- --------- ---------- ---------- --------- ---------
5. Investment management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective
23 September 2010 as amended.
A Shares: The agreement provides for an investment management
fee of 2.00% per annum of net assets payable quarterly in arrear
for A Shares. For A Shares, the appointment shall continue for a
period of at least six years from the admission of those
shares.
B Shares: The agreement provides for an investment management
fee of 1.90% per annum of net assets payable quarterly in arrear
for B Shares. For B Shares, the appointment shall continue for a
period of at least six years from the admission of those
shares.
Venture Fund: The agreement provides for an investment
management fee of 2.00% per annum of net assets payable quarterly
in arrear for Venture Shares. For Venture Shares, the appointment
shall continue for a period of at least six years from the
admission of those shares.
Following a deed of variation to the Investment Management
agreement, dated 14 September 2018, an administration fee equal to
0.25% of the Company's NAV replaces the previously charged
GBP37,500 per annum.
TPIM agreed not to charge their management fees for the A Share
Class for the financial year ending 28 February 2018, to build up
distributable reserves improving the ability of the share class to
make dividend payments. The amount waived during the 2018 financial
year was GBP206,400 and will not be recovered by TPIM.
TPIM agreed not to charge their management fees from 1 January
2017 on the amounts invested in gas fired energy centre assets.
As set out in the Chair's Statement, the NAV of 80.00 pence per
share includes a deduction for these outstanding investment
management fees. The total fee waived as at 31 August 2022 for the
B Share Class is circa GBP347,000 and further portion of fees may
be waived to ensure the NAV remains at 80.00 per share up to the
wind-down and cancellation of the B Share Class.
6. Performance fee
Triple Point earns a performance fee if the total return (net
asset value plus distributions made) to holders of the Venture
Shares exceeds their net initial subscription price by an annual
threshold of 3% per annum, calculated on a compound basis. To the
extent that the total return exceeds the threshold over the
relevant period then a performance incentive fee of 20% of the
excess is payable to Triple Point. Performance fees are assessed
based on the VCT's audited year-end valuations (i.e. in February
each year) and will be accrued in the accounts of the Company. High
water marks apply.
7. Directors' remuneration
Unaudited Audited
Six months ended 31 August Year ended 28 February
2022 2022
-------------------------------------------- --------------------------------------------
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Jane Owen 1 1 9 11 4 3 16 23
Chad Murrin - 1 8 9 3 3 12 18
Tim Clarke - 1 6 7 3 3 12 18
Julian Bartlett - 1 8 9 - - 1 1
1 4 31 36 10 9 41 60
---------- ---------- --------- --------- ---------- ---------- --------- ---------
The only remuneration received by the Directors was their
Directors' fees. The Company has no employees other than the
Non-Executive Directors. The average number of Non-Executive
Directors in the period was four.
Taxation
Unaudited Audited
Six months 31 August 2022 Year ended 28 February 2022
--------------------------------------------- ---------------------------------------------
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) on
ordinary
activities
before tax 2 2,109 (2,147) (36) (269) 5 5,240 4,976
Corporation tax
@ 19% - 400 (408) (8) (51) 1 995 945
Effect of:
Capital
(gains)/losses
not taxable - (487) 352 (135) 30 (17) (1,348) (1,335)
Dividends
received not
taxable - - - - - - - -
Disallowed
expenditure - - 4 4 - - 38 38
Unrelieved tax
losses in the
year - - - - - - 1 1
Excess
management
expense on
which deferred
tax not
recognised - 13 52 65 21 - 314 335
Derecognition of
prior periods
deferred tax
asset - - - - - - 89 89
Tax
charge/(credit)
for the period - (74) - (74) - (16) 89 73
---------- ---------- ---------- --------- ---------- ---------- ---------- ---------
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
9. Earnings per share
The earnings per A Share is 0.02p and is based on a profit from
ordinary activities after tax of circa GBP2,000 and on the weighted
average number of A Shares in issue during the period of
9,777,285.
The earnings per B Share is 32.31p and is based on a profit from
ordinary activities after tax of circa GBP2,183,000 and on the
weighted average number of B Shares in issue during the period of
6,758,795.
The loss per Venture Share is 5.94p and is based on a loss from
ordinary activities after tax of circa GBP2,147,000 and on the
weighted average number of Venture Shares in issue during the
period of 36,090,347.
10. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc and Cater Allen Private Bank.
11. Net asset value per share
The net asset value per share for the A Shares is 13.22p and is
calculated based on net assets of GBP1,293,000 divided by the
9,777,285 A Shares in issue as at 31 August 2022.
The net asset value per share for the B Shares is 80.00p and is
calculated on net assets of GBP5,407,000 divided by the 6,758,795 B
Shares in issue as at 31 August 2022.
The net asset value per share for the Venture Shares is 107.99p
and is calculated on net assets of GBP42,708,000 divided by the
39,546,761 Venture Shares in issue as at 31 August 2022.
12. Related party transactions
TPIM, the Investment Manager charged a total of GBP805,000
during the period in respect of Investment Management services.
During the period, TPIM received GBP46,000 (which has been
expensed by the Company) for providing management and
administrative services to the Company.
The Investment Manager also charged GBP9,500 during the period
for the provision of Company Secretarial services.
At the Balance Sheet date, the total fees which have been waived
by the Investment Manager stood at GBP347,000.
TPIM received GBP939,000 in relation to the performance-related
incentive fees from the Venture Share Class during the period.
In addition, TPIM received GBP61,000 of arrangement fees on
Venture Investments.
The Directors Remuneration is disclosed on page 36.
13. Post balance sheet events
The following events occurred between the balance sheet date and
the signing of this interim report:
On 10 October 2022, the Fund completed the sale of the Gas
Peaking assets held in the B share class for a total consideration
of GBP5.5m.
Non-Statutory Analysis - The Venture Fund
For the six months ended 31 August 2022
Statement
of
Comprehensive Six months ended Year ended 28 February Six months ended
Income 31 August 2022 2022 31 August 2021
------------------------------- ------------------------------------------- -----------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
income 53 - 53 26 - 26 14 - 14
Realised gain/(loss)
on investments - 2,018 2,018 - - - - - -
Unrealised
(loss) on
investments - (3,873) (3,873) - 7,094 7,094 - 5,530 5,530
--------- --------- --------- ----------------- ------------- --------- ------------- --------- ---------
Investment
return 53 (1,855) (1,802) 26 7,094 7,120 14 5,530 5,544
--------- --------- ---------
Investment
management
fees (36) (320) (356) (329) (1,049) (1,378) (155) (44) (199)
Other expenses (192) - (192) (596) 94 (502) (337) - (337)
Performance
fee - - - - - - - (769) (769)
FX revaluation
(gain)/loss 203 203 - - -
--------- --------- --------- ----------------- ------------- --------- ------------- --------- ---------
Loss before
taxation (175) (1,972) (345) (899) 6,139 5,240 (478) 4,717 4,239
Taxation - - - (74) (15) (89) 45 154 199
--------- --------- --------- ----------------- ------------- ---------
Loss after
taxation (175) (1,972) (2,147) (973) 6,124 5,151 (433) 4,871 4,438
----------------- ------------- ---------
Profit and
total comprehensive
loss for the
period (175) (1,972) (2,147) (973) 6,124 5,151 (433) 4,871 4,438
Basic and diluted
loss per share (0.48p) (5.46p) (5.94p) (4.26p) 26.84p 22.57p (2.08p) 23.37p 21.29p
--------- --------- --------- ----------------- ------------- --------- ------------- --------- ---------
Balance Sheet 31 August 2022 28 February 2022 31 August 2021
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through profit
or loss 25,860 25,151 21,228
--------- --------- ---------
Current assets
Receivables 1,203 45 58
Corporation
tax - - 290
Cash and cash
equivalents 15,678 5,845 5,164
--------- --------- ---------
16,881 5,890 5,512
--------- --------- ---------
Current
liabilities
Payables (33) (1,010) (1,131)
Corporation
tax - -
--------- --------- ---------
Net assets 42,708 30,031 25,609
--------- --------- ---------
Equity attributable
to equity holders 42,708 30,031 11,232
--------- --------- ---------
Net asset value
per share 107.99p 113.55p 110.91p
--------- --------- ---------
Statement
of Changes
in
Shareholders'
Equity
31 August 2022 28 February 2022 31 August 2021
GBP'000 GBP'000 GBP'000
Opening shareholders'
funds 30,031 14,208 14,208
Purchase of
own shares - -
Issue of new
shares 14,842 11,596 7,884
Share buyback
& cancellation (18) (250) (247)
Profit for
the period (2.147) 5,151 4,438
Dividend paid - (674) (674)
Closing shareholders'
funds 42,708 30,031 25,609
--------- -------------------- ---------
Investment Portfolio
31 August 2022 28 February 2022
--------------------------------- ---------------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying
holdings 21,694 57. 32 25,376 61. 09 17,314 73.27 24,667 79.58
Non-Qualifying
holdings 471 1.25 484 1. 17 471 1.99 484 1.56
Financial assets at
fair value through
profit or loss 22,165 58. 57 25,860 62.26 17,785 75.26 25,151 81.14
Cash and cash
equivalents 15, 678 41. 43 15, 678 37.74 5,845 24.74 5,845 18.86
37, 843 100.00 41 ,538 100.00 23,630 100.00 30,996 100.00
========= ======== ============ ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Venture Investments
Degreed Inc. 300 0.79 444 1.07 300 1.27 533 1.72
Augnet Ltd. 300 0.79 100 0.24 300 1.27 - -
MWS Technology Ltd 150 0.40 441 1.06 150 0.63 353 1.14
Counting Ltd (t/a
Counting Up) 920 2.43 835 2.01 920 3.89 835 2.69
Ably Real-Time Ltd 1,312 3.47 3,153 7.59 1,312 5.55 3,153 10.17
Heydoc Limited 760 2.01 1,374 3.31 760 3.22 1,374 4.43
Vyne Technologies
Limited 1,127 2.98 2,608 6.28 1,127 4.77 3,725 12.02
Aventus Platform
Limited 700 1.85 - - 700 2.96 - -
Digital Therapeutics
Inc (t/a Quit
Genius) 1,245 3.29 2,632 6.34 1,245 5.27 2,755 8.89
Adfenix AB 799 2.11 642 1.55 799 3.38 673 2.17
Credit Kudos 500 1.32 - - 500 2.12 2,518 8.12
Artifical Artists 150 0.40 150 0.36 150 0.63 120 0.39
Veremark 910 2.40 1,529 3.68 450 1.90 471 1.52
Localz 750 1.98 750 1.81 750 3.17 750 2.42
Sealit 200 0.53 100 0.24 200 0.85 180 0.58
Bkwai 250 0.66 170 0.41 250 1.06 170 0.55
Exate 500 1.32 350 0.84 500 2.12 400 1.29
Expression Insurance 500 1.32 827 1.99 500 2.12 681 2.20
Kamma 500 1.32 200 0.48 500 2.12 250 0.81
Seedata 150 0.40 150 0.36 150 0.63 150 0.48
Stepex 499 1.32 499 1.20 499 2.11 499 1.61
Anorak 700 1.85 - - 700 2.96 525 1.69
Ryders 1,000 2.64 1,000 2.41 1,000 4.23 1,000 3.23
Nook 250 0.66 200 0.48 250 1.06 250 0.81
Tickitto 1,000 2.64 1,000 2.41 1,000 4.23 1,000 3.23
SonicJobs 450 1.19 450 1.08 450 1.90 450 1.45
Catalyst 224 0.59 224 0.54 224 0.95 224 0.72
Knok Healthcare 513 1.36 513 1.23 513 2.17 513 1.66
Learnerbly 200 0.53 200 0.48 200 0.85 200 0.65
Pixie 915 2.42 915 2.20 915 3.87 915 2.95
Konfir 500 1.32 500 1.20 - - - -
Konstructly 300 0.79 300 0.72 - - - -
Visibly Tech 300 0.79 300 0.72 - - - -
Crowd Data 500 1.32 500 1.20 - - - -
Trumpet 120 0.32 120 0.29 - - - -
Rhubarb 400 1.06 400 0.96 - - - -
Scan.com 800 2.11 800 1.93 - - - -
OutThink 1,000 2.64 1,000 2.41 - - - -
21,694 57.32 25,376 61.09 17,314 73.27 24,667 79.58
========= ======== ============ ======== ========= ======== ========= ========
31 August 2022 28 February 2022
--------------------------------- ---------------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Non-Qualifying
Holdings
Unquoted
Other
Modern Power
Generation Limited 471 1.25 484 1. 17 471 3.33 483 3.38
471 1.25 484 1. 17 471 3.33 483 3.38
========= ======== ============ ======== ========= ======== ========= ========
Non-Statutory Analysis - The A Share Fund
For the six months ended 31 August 2022
Statement Six months ended Year ended 28 Six months ended
of 31 August 2022 February 2022 31 August 2021
Comprehensive
Income
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
income 23 - 23 209 - 209 159 - 159
Realised
gain on
investments 233 233 - (334) (334)
Unrealised
gain on
investments - (233) (233) - 174 174 - - -
Investment
return 23 - 23 209 (160) 49 159 - 159
Investment
management
fees (1) (12) (13) (74) (25) (99) (46) (13) (59)
Other expenses (8) - (8) (92) (127) (219) (38) - (38)
- - - - - -
Profit before
taxation 14 (12) 2 43 (312) (269) 75 (13) 62
Taxation - - - - - - (14) 2 (12)
Profit after
taxation 14 (12) 2 43 (312) (269) 61 (11) 50
Profit and
total
comprehensive
income for
the period 14 (12) 2 43 (312) (269) 61 (11) 50
Basic and
diluted
earnings
per share 0.14p (0.12p) 0.02p 0.46p (3.17p) (2.71p) 0.61p (0.11p) 0.50p
Balance 31 August 2022 28 February 2022 31 August 2020
Sheet
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial
assets at
fair value
through
profit or
loss 533 766 4,887
Current
assets
Receivables 245 228 322
-
Cash and
cash
equivalents 622 433 (234)
867 661 88
Current
liabilities
Payables (45) (74) (63)
Corporation
Tax (62) (62) (74)
Net assets 1,293 1,291 4,838
Equity attributable
to equity holders 1,293 1,291 4,838
Net asset
value per
share 13.22p 13.25p 49.49p
Statement
of Changes
in
Shareholders'
Equity
31 August 2022 28 February 31 August 2021
2022
GBP'000 GBP'000 GBP'000
Opening
shareholders' 5,
funds 1,291 5,216 216
Purchase
of own Shares (81)
Profit for
the period 2 (269) 50
Dividend ( 348
paid - (3,575) )
Share buyback
& cancellation - - (80)
Closing
shareholders'
funds 1,293 1,291 4,838
Investment Portfolio 31 August 2022 28 February 2022
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying
holdings 860 58.03 533 46.15 860 66.51 533 44.45
Non-Qualifying holdings - - - - - - 233 19.43
Financial assets at
fair value through profit
or loss 860 58.03 533 46.15 860 66.51 766 63.89
Cash and cash equivalents 622 41.97 622 53.85 433 33.49 433 36.11
1,482 100.00 1,155 100.00 1,293 100.00 1,199 100.00
Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Shenval
Limited 860 58.03 533 46.15 860 66.51 533 44.45
860 58.03 533 46.15 860 66.51 533 44.45
31 August 2022 28 February 2022
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted
Hydroelectric Power
Broadpoint 2 Limited - - - - - - 233 19.43
- - - - - - 233 19.43
Non-Statutory Analysis - The B Share Fund
For the six months ended 31 August 2022
Statement of
Comprehensive Six months ended 31 August
Income 2022 Year ended 28 February 2022 Six months ended 31 August 2021
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 2 - 2 - - - - - -
Realised gain on
investments - 91 91 - - -
Unrealised gain
on investments - 2,474 2,474 - 91 91 - - -
Investment return 2 2,565 2,567 - 91 91 - - -
Investment
management fees (44) (392) (436) (12) - (12) (6) - (6)
Other expenses (22) - (22) (74) - (74) (32) - (32)
(Loss)/profit
before taxation (64) 2,173 2,109 (86) 91 5 (38) - (38)
Taxation - 74 74 16 - 16 7 - 7
(Loss)/profit
after taxation (64) 2,247 2,183 (70) 91 21 (31) - (31)
Loss and total
comprehensive
(loss)/income
for the period (64) 2,247 2,183 (70) 91 21 (31) - (31)
Basic and diluted
(loss)/earnings
per share (0.95p) 33.26p 32.31p (1.04p) 1.35p 0.31p (0.47p) - (0.47p)
Balance Sheet 31 August 2022 28 February 2022 31 August 2021
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through profit
or loss 5,534 4,065 3,974
Current assets
Receivables 5 3 5
Corporation Tax 121 47 38
Cash and cash equivalents 356 (31) 13
482 19 56
Current
liabilities
Payables (609) (181) (183)
Net assets 5,407 3,903 3,847
Equity attributable to equity holders 5,407 3,903 3,847
Net asset value
per share 80.00p 57.69p 97.13p
Statement of
Changes in
Shareholders'
Equity
31 August 2022 28 February 2021 31 August 2021
GBP'000 GBP'000 GBP'000
Opening shareholders' funds 3,903 3,907 3,907
Share buyback & cancellation - (25) -
Profit/(loss) for
the period 2,183 21 (31)
Dividend paid (679) - -
Share buyback &
cancellation - - (29)
Closing shareholders' funds 5,407 3,903 3,847
Investment Portfolio 31 August 2022 28 February 2022
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 5,100 93.48 5,534 93.96 5,100 83.96 2,969 73.60
Non-Qualifying holdings - - - - 1,005 16.55 1,096 27.17
Financial assets at fair
value through profit
or loss 5,100 93.48 5,534 93.96 6,105 100.51 4,065 100.77
Cash and cash equivalents 356 6.52 356 6.04 (31) (0.51) (31) (0.77)
5,456 100.00 5,890 100.00 6,074 100.00 4,034 100.00
Qualifying Holdings
Unquoted
Gas Power
Distributed Generators
Limited 3,200 58.65 3,260 51.01 3,200 52.68 1,925 47.72
Green Peak Generation
Limited 1,900 34.83 2,274 35.58 1,900 31.28 1,044 25.88
5,100 93.48 5,534 86.59 5,100 83.96 2,969 73.60
31 August 2022 28 February 2022
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted
Hydroelectric Power
Broadpoint 3 Limited - - - - 1,005 16.55 1,096 27.17
- - - - 1,005 16.55 1,096 27.17
Shareholder Information
Directors
Jane Owen
Chad Murrin
Julian Bartlett
Company Secretary and Registered Office
Hanway Advisory Limited
1 King William Street
London
EC4N 7AF
Registered Number
07324448
FCA Registration number
659605
Investment Manager and Administrator
Triple Point Investment Management LLP
1 King William Street
London
EC4N 7AF
Tel: 020 7201 8989
Independent Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
Solicitors
Howard Kennedy LLP
No. 1 London Bridge
London
SE1 9BG
Registrars
Computershare Investor Services plc
The Pavilions
Bridgwater Road
Bristol
BS99 6ZY
VCT Taxation Advisers
Philip Hare & Associates LLP
6 Snow Hill
London
EC1A 2AY
Bankers
The Royal Bank of Scotland plc
54 Lime Street
London
EC3M 7NQ
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END
IR MZMZGNVMGZZM
(END) Dow Jones Newswires
October 27, 2022 02:00 ET (06:00 GMT)
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